Allied Market Research published a report, titled “Business Credit Cards Market by Type (Open-Loop Card and Closed-Loop Card) and Application (Small Business Credit Cards, and Corporate Credit Cards): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the business credit cards market share was valued at $33.5 billion in 2023, and is estimated to reach $59.9 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.

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However, regulatory compliance and risk management, increasing competition and margin pressure hinder market growth to some extent. Moreover, the expansion of the small business services ecosystem offers remunerative opportunities for the expansion of the global business credit card market.

By application, the small business segment held the highest market share in 2023, accounting for more than half of the global business credit card market revenue, and is expected to retain its dominance throughout the forecast period, due to the widespread adoption of business credit cards among small and medium-sized enterprises (SMEs) for managing day-to-day expenses and facilitating business operations.

However, the corporate card segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing adoption of corporate cards by large enterprises and multinational corporations for managing corporate expenses and optimizing cash flow. Corporate cards are specifically designed to meet the unique needs of larger organizations, offering features such as higher credit limits, robust expense management tools, and tailored reporting capabilities.

By type, the open-loop segment held the highest market share in 2023, accounting for nearly half of the global business credit card market revenue and is expected to retain its dominance throughout the forecast period. This is due to its widespread acceptance and versatility across various merchants and industries.

However, the closed loop segment is projected to attain the highest CAGR from 2024 to 2032, due to its specialized applications and tailored solutions for specific industries or businesses. Closed loop cards are issued by individual merchants or businesses and can only be used at designated locations or within a specific network.

By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global business credit card market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe owing to increase in adoption of digital payments and growth in number of small businesses and startups across the region. Business credit cards are gaining popularity in Asia-Pacific as companies seek to streamline their financial operations, access credit for business expansion, and manage expenses more efficiently.

The report provides a detailed analysis of these key players in the global business credit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

• Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

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